TrueOffice’s Gamified Financial Services Training For the Win
We recently covered TrueOffice for their gamified approach to compliance training in the financial services sector and today, they’ve announced a $3 million Series A funding from investors including Rho Ventures, the Partnership for New York City Fund and Contour Venture Partners.
The funds will be used to expand True Office’s operations within the financial services sector and to attempt expansion into other high-regulation markets, like healthcare. These new ventures will be assisted by Patrick Wack, Chairman of IntraLinks IL and Venture Partner at Rho Ventures and David Eisner, former CEO and President of TheMarkets.com who will be joining the True Office board.
Commenting on the funding, True Office Founder and CEO, Adam Sodowick said:
“With fines now exceeding the billion dollar mark for compliance oversights, financial institutions are looking to True Office to provide a solution that not only protects their business and reduces costs, but also exponentially raises the current industry standard for compliance training. There aren’t many effective options to help understand regulation and change behaviors but a well-designed game has the power to engage employees and at the same time, produce analytics that can help the banks identify and reduce operational and compliance risk.”
The TrueOffice funding is indicative of gamification’s increased foothold into the finance sector, especially with other fintech services like Bankers Lab and BBVA’s gamified services.
I suppose what this really means is that compliance training really is that awful. Gamification to the rescue once again!
